The Monthly Economic Activity Index (Imacec) is an estimate that summarizes the activity of the different branches of the economy in a given month, at prices from the previous year; its inter-annual variation constitutes an approximation of GDP evolution. The calculation of the Monthly Economic Activity Index is based on multiple supply indicators, which are weighted by the share of economic activities in the previous year’s GDP.

The Monthly Economic Activity Index is published on the first business day of each month taking into account a lag of 31 days in relation to the month being measured. In addition to this, a breakdown is published which distinguishes mining from all other activities —mining and non-mining series—, as well as the series at factor cost. All series are presented in both original and seasonally adjusted figures.

Consistent with the established publication policy, the Monthly Economic Activity Index series are revised along with the quarterly and annual national accounts.

July 2020’s monthly index of economic activity, Imacec

According to preliminary information, last July the Imacec dropped 10.7% over the same month a year before. The seasonally-adjusted series increased 1.7% with respect to the previous month and decreased 12.9% in twelve months. The month came with the same number of working days as July 2019.

The mining Imacec rose by 1.4%, while the non-mining index fell 12.0%. The result of the month reflected the impacts of the sanitary emergency. In this context, the activities most affected were services and construction, and, to a lesser extent, retail and manufacturing. In the services sector, the falls in transportation, restaurants and hotels, and business services stood out. In seasonally-adjusted terms, and with respect to the previous month, the mining Imacec increased by 0.9% and the non-mining Imacec, by 1.8%.

 In light of the challenges that the sanitary crisis has imposed on the collection of basic data, the Central Bank of Chile has made additional efforts with its information providers to minimize the impact on the quality of statistics. However, it is relevant to point out that the figures delivered on this occasion may be subject to greater revisions than historical records, and they will be disseminated according to the calendar of publications and revisions of National Accounts available on the Bank's website www.bcentral.cl